Recession: Analyst Tasks Poly Women On New Income Models

As the prevailing economic recession continues to unleash hardship on Nigerian homes, women have been charged to consider more active ways of improving on their income by exploring other alternative sources of revenue generation.

A Port Harcourt-based business analyst, Okechukwu Nmerukini, made this call last Friday at a seminar organised by the Port Harcourt Polytechnic Women’s Association (POPWA), in Rumuola, Port Harcourt, the Rivers State capital.

Delivering his paper titled”, Multiple Streams of Income: Strategies for Financial Freedom in a Developing Economy”, Nmerukini said for anyone who values financial security and ultimately desires financial freedom, creating at least an additional stream of income is no longer a luxury, but a necessity.

According to the business analyst, diversifying problem income stream is crucial to protect against economic problem because relying on one source of income such as job or business could be dangerous.

He said: “Your additional income steams can be active, passive or a combination of the two. Some may pay you for doing something that you love, while others can provide income for you without you   doing much.

“You can diversify your income streams to protect you against major losses during downturns as that would allow you to financially benefit from the upswings in another”.

Nmerukini emphasized that the inability of many folks to meet up with their financial commitments, creating peace of mind through financial freedom becomes a problem due to single source of income, causing more pressures, pain and penuries.

He listed amongst possible potential opportunities as fruit juice making, pure water production, car wash, nursery and primary school establishment, fast food business, poultry farming, event planning etc.

Earlier in her welcome address, the President of POPWA, Mrs Victoria Sam-Kalagbor, said the gathering was part of effort to brainstorm on immediate environment and to fashion out ways to improve on their well-being.

She stressed that the topic or theme of the conference, “Multiple Streams of Income: Strategies for Financial Freedom in a developing Economy”, was overdue for discussion in view of the challenges placed on Nigerians by economic recession.

Mrs Sam-Kalagbor explained that the era of women complaining of inadequate financial provision by their husbands was over as it has become imperative that they get involved in exploring other sources to improve on family income.

The Tide gathered that POPWA membership was drawn from female academic and none academic staff.

Highlight of the event was practical demonstration of preparation of Juice, local and foreign dishes.

Chris Oluoh